Can I get a mortgage loan? Any changes for Approval?

QuestionsCan I get a mortgage loan? Any changes for Approval?
Kassie Beattie asked 5 years ago

I am renting an apartment for $ 1250 per month. The lease ends in December 2016 and I want to pay a mortgage instead of rent. 


My mortgage credit scores stink (585-602) because all of my credit cards are maxed out right now (54/55k). I just lost the side job I was using to pay the debt down.


In addition to the maxed out cards, I have 140k in student loan debt (undergrad and two graduate degrees) and 33k in personal loans. My annual salary is 120k.


Baddies vary on each report. Macys – 30 day late 6/2015, EZPay Finance – 30 day late 10/2015, IC Systems – Paid Collection 1/2016, and NCC – Paid Collection. 


Inquires are as follows – EQ – 12 (4 fall off this year) EX – 8 (3 fall of this year) TU – 2


So with debt of almost 225k, half that in annual income, few baddies…would ANY lender approve me? 


Be brutally honest please…..I’d rather not get my hopes up if there is no chance. 


Thanks in advance!!!






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